Polygon (MATIC) was in a bearish market structure. MATIC could fall to $0.7735 or lower. A break above the resistance level at $0.8153 would invalidate the forecast. Polygon [MATIC] sentiment remained bearish for most of December 2022. The token was trapped between $0.8910 and $0.9490 in the first half of the month. However, in the […]
At the time of writing, MATIC bears threatened a price pullback that could settle at $0.7735, as suggested by technical indicators.
The Money Flow Index had also retreated from its overbought level and showed a downward slope into the lower area. This revealed that there had been a massive distribution of MATIC, which increased selling pressure. The stop loss would be above $0.8153, so a rise above this level would invalidate the above bearish forecast. Such an uptrend would cause MATIC’s bulls to confront immediate resistance at $0.8153.Santiment data showed that MATIC has seen massive accumulation since the end of November. Since 21 November, there has been a steady increase in the supply held by top addresses.
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